US Supreme Court has gone mad!

[Ogie Oglethorpe]

He obviously was referring to transfer of private property from one private individual/enterprise to another via governmental machinations as he referred to the obvious historical use of eminant domain in the beginning of his rantings.

[Last Conformist]

I don't see how this weakens property rights as such - it just gives politicians additional excuses to waive them.

[lord of the mark]

theyre calling the stadium project Skyland? They do know the NPS owns a small resort, at Skyline drive in Shenandoah NP, called Skyland, dont they? Its gonna be kinda confusing

[DanS]

Good article, but...

The city will have to pay Belinda "just compensation," but that compensation will never match what Belinda might have earned by selling the property herself

I don't know that to be true. When I have seen eminent domain personally the owner has been just short of handsomely compensated. You can make the argument that this decision will change that balance, but I have not personally seen anybody get shafted monetarily through eminent domain. Of course, I haven't worked on eminent domain issues like some in this thread have. I worry about the possibility of abuse, even though I haven't seen it personally.

[DanS]

Originally posted by lord of the mark
theyre calling the stadium project Skyland? They do know the NPS owns a small resort, at Skyline drive in Shenandoah NP, called Skyland, dont they? Its gonna be kinda confusing

Two different developments. (1) the stadium and SW Washington redevelopment; and (2) Skyland or whatever.

[Imran Siddiqui]

Originally posted by Ogie Oglethorpe
He obviously was referring to transfer of private property from one private individual/enterprise to another via governmental machinations as he referred to the obvious historical use of eminant domain in the beginning of his rantings.

And in that context the quote is ridiculous bombast.

As LC said:

I don't see how this weakens property rights as such - it just gives politicians additional excuses to waive them.

[Ogie Oglethorpe]

Originally posted by Imran Siddiqui


And in that context the quote is ridiculous bombast.

As LC said:

I don't see how this weakens property rights as such - it just gives politicians additional excuses to waive them.

If you say so.

[Imran Siddiqui]

And I do.

[Ogie Oglethorpe]

Regardless of the inane counter posited above, the point remains valid from Boortz that one can easily expect a chilling effect due from this ruling for speculative real estate investment. That in of itself is a point worth consideration. Joe 6 pack decides buying parcel 627 in anticipation of it going to commercial zoning offers him an opportunity to retire and in fact one he counted upon. All of a sudden it now is subject to seizure at pennies on the dollar for subsequent handover to ACME developer corp. T-rrific another dagger in the American dream.

Good show for the Ownership society.

[Mr. Harley]

There is one other critical difference, where Mr. Boortz commentary remains germaine and those disagreeing with him are wrong. Governments have limited interests - uses - resources when it comes to the private property they want. Wealthy private speculators and developers piggybacking on Eminent Domain vastly increase that pool, and thus will vastly increase the usage of Eminent Domain. Thus this decision will have a substantial negative affect on small private property owners.

[Mr. Harley]

And to add a final note, from the last paragraph of an article on pages A3 and A10 of the WSJ about this decision :

Developers said the ruling was a relief., James G. Koman, president of Koman Properties Inc., of St. Louis, has five projects that hinged on the outcome.

Five projects, and this is only one developer. Which supports my point about increased (ab)use of Eminent Domain.

[:) Smiley]

Originally posted by Ogie Oglethorpe
Regardless of the inane counter posited above, the point remains valid from Boortz that one can easily expect a chilling effect due from this ruling for speculative real estate investment. That in of itself is a point worth consideration. Joe 6 pack decides buying parcel 627 in anticipation of it going to commercial zoning offers him an opportunity to retire and in fact one he counted upon. All of a sudden it now is subject to seizure at pennies on the dollar for subsequent handover to ACME developer corp. T-rrific another dagger in the American dream.

Land speculation adds no real value to anything. Development does. Joe 6 pack can instead put his money into a real estate development company and make money.

[Mr. Harley]

Boortz point is that Joe 6 pack, even Mark Merlot (to imply an upper middle class wine drinker) will not have ready access to this kind of development. You will instead end up with a situation like IPO's where the profitable developments are sold in sweetheart deals. Admittedly this and land speculation are great American traditions, they are how the West got settled - and the land was stolen. Hmmm. Exactly the point. Now instead of Native Americans it's going to be lower-middle class homeowners. Oops, that's us.

[Ogie Oglethorpe]

Originally posted by Smiley


Land speculation adds no real value to anything. Development does. Joe 6 pack can instead put his money into a real estate development company and make money.

Tell it to the likes of Vel who are speculating on distressed properties, who not only speculate but invest 'sweat equity'.

Your comment on investment in RE Cos. is also way off the mark. Investment of that nature will rarely if ever give the same return as a) the portfolio of opportunities is usually blended so that the risk of speculative ventures is blended with lowee return sure bet items. b) the costs of running the company and its overhead eat into profits/earnings much moreso than what would have been the solo entrepreneurs case.

[:) Smiley]

Originally posted by Ogie Oglethorpe
Tell it to the likes of Vel who are speculating on distressed properties, who not only speculate but invest 'sweat equity'.

The original Joe 6 pack anecdote made no mention of sweat equity, merely sit and drink beer and wait for property value to go up.